On 4 February 2020, the FCA published Policy Statement 20/2: Publishing and disclosing costs and charges to workplace pension scheme members and amendments to COBS 19.8 (PS20/2).
PS20/2 will be of interest to those who are involved in FCA-regulated relevant schemes in the defined contribution (DC) workplace pensions market.
In PS20/02 the FCA details its final rules and guidance on requiring pension scheme governance bodies to report costs and charges information to members of workplace pension schemes and amendments to COBS 19.8 rules.
The proposals were consulted on by the FCA in February 2019 and the regulator intends to proceed with the proposals as consulted on, however it has revised its approach to costs and charges information and anti-dilution in response to feedback received.
Annex 1 to PS20/2 sets out the FCA Handbook Instrument making the changes: the Pension Schemes (Disclosure of Transaction Costs and Administration Charges) (Amendment) Instrument 2020. The instrument comes into force on 1 April 2020.